Lime to roll out e-mopeds in Seoul

Lime, the world’s leading provider of rented electric scooters and electric bikes, will soon launch electric mopeds in Seoul, the company said Thursday. According to Lime, the e-mopeds will be introduced in selected cities in South Korea. Lime is also in discussions with Washington and Paris about introducing its e-mopeds there in the coming months. “Lime’s addition of e-mopeds makes it the first and only micro-mobility provider to offer three shared electric vehicle type

Jan. 28, 2021

PM Chung calls LG-SK battery lawsuit ‘embarrassing’

In a rare move, South Korean Prime Minister Chung Se-kyun on Thursday openly called for a swift resolution to the US court battle between LG Energy Solution and SK Innovation over battery patents, describing it as an “embarrassment.” “Both firms should take a step back and resolve this issue swiftly,” said Chung on Thursday, answering a question from a reporter as to whether he would be willing to intervene in the matter. “K-battery will open up a great future

Jan. 28, 2021

Hyundai Motor faces ‘big turning point’ in post-COVID era

Of all the South Korean business groups that are facing the post-coronavirus market changes, Hyundai Motor Group is likely to be the one to undergo the most dramatic transformation this year and in the years to come. Its mission is not just to maintain and safeguard conventional businesses, but to fundamentally transform itself as a new future mobility business. As a major carmaker, the group is also being impacted by growing calls for environmental sustainability. Looking ahead to a fierce c

Jan. 28, 2021

Hyundai Motor bets on fuel cell ecosystem

The automotive industry is competing to introduce the most environment-friendly vehicles as global society strives to reach zero emissions. Battery-powered or hydrogen fuel cell cars have emerged as alternatives to gas or diesel-powered automobiles. While battery electric vehicles appear to have a slight lead on the roads for now, Hyundai Motor Group is committed to fostering a “hydrogen society,” in the belief that hydrogen fuel cells will be equally competitive in achieving a

Jan. 28, 2021

[Newsmaker] Ikea labor conflict deepens over ‘discriminatory’ treatment of local staff

Ikea Korea, the local subsidiary of the Swedish furniture brand, is facing an escalating internal conflict as its labor union has gone on another round of strikes, accusing the company of discriminatory treatment. The Ikea Korea’s labor union started Tuesday a sit-in protest in front of its Gwangmyeong outlet in Gyeonggi Province for an indefinite period, claiming that the company has failed to deliver its promises to improve the working conditions and avoided answering their main reque

Jan. 28, 2021

LG Electronics to jack up dividend payout this year

LG Electronics Inc. on Thursday announced it will pay out more dividends to its shareholders in a move to increase shareholder value. LG said its shareholders will receive 1,200 won ($1.07) per common share and 1,250 won per preferred share for the fiscal year of 2020 after approval in March at its shareholders meeting. Last year, the company gave 750 won per common share and 800 won per preferred share to its shareholders. At its board meeting, LG also approved its 2020 earnings report. The

Jan. 28, 2021

[Earnings roundup] 2020 best year for Naver, Samsung SDI

The Q4 earnings season peaked in South Korea with the undefeatable Samsung Electronics reporting Thursday. Already overshadowed by the IT giant, the country’s top internet operator Naver and battery maker Samsung SDI reported record-high business results in 2020.  Naver reports record profits Thanks to the contactless trend, Naver saws its total sales and operating profit hit new highs in 2020. Revenue reached 5.3 trillion won in total, while operating profit climbed to 1.2 tri

Jan. 28, 2021

Naver Cloud’s global growth accelerates due to pandemic

The COVID-19 pandemic has thwarted many businesses, but for some, it acted as a stressor for growth. On the back of increased contactless working, Naver’s Cloud service experienced a 41.4 percent on-year revenue growth in 2020 at 273.7 billion won ($245.3 million). Naver Cloud currently offers the biggest portfolio of cloud services within Korea at a total of 173 products in 16 categories. It operates a separate cloud system for financial businesses like banks and for public institutions

Jan. 28, 2021

Will Hanwha chief return to boardroom?

As employment restrictions placed on Hanwha Group Chairman Kim Seung-youn are set to be lifted next month, industry watchers are paying attention to his possible return to the boardroom of the group’s core companies. In 2014, Kim was sentenced to an imprisonment of three years, suspended for five years, for the breach of trust and had to resign from the representative director’s position at seven affiliates including the holdings firm Hanwha Corp. He has also been barred from seeki

Jan. 28, 2021

Hyundai Construction Equipment to expand global sales of forklifts

Construction equipment maker Hyundai Construction Equipment Co. said on Thursday that it has signed a deal with Chinese forklift maker UN Forklift to produce forklifts under an original equipment manufacturing (OEM) agreement. Hyundai Construction Equipment plans to expand its global sales of forklifts produced by the Chinese maker to $100 million by 2025, the company said. The forklifts to be produced by UN Forklift include 10 kinds of 2 to 3.5-ton models, Hyundai Construction Equipment said.

Jan. 28, 2021

S. Korea to sell W13.9tr worth of Treasurys in Feb.

South Korea plans to sell 13.9 trillion won ($12.4 billion) in state bonds next month, the finance ministry said Thursday. The ministry will issue 700 billion won in Treasurys with a maturity of two years for the first time in an effort to soothe market uneasiness from its planned massive bond sales, according to the Ministry of Economy and Finance. It will also float 3 trillion won in three-year government bonds, 2.7 trillion won in five-year government debts and 2.9 trillion won in bonds wit

Jan. 28, 2021

KIM spruces up 3 equity funds to meet diverse investor needs

Seoul-based investment house Korea Investment Management said Thursday that it has rebranded three open-ended equity funds to cater to the diversified needs of South Korean retail investors. The three open-ended equity funds have ditched their respective strategies and shifted their focus to the domestic technology sector; to sectors benefiting from the Korean New Deal initiative, such as batteries, biotechnology, internet and games; and to environmental, social and governance factors. Accor

Jan. 28, 2021

AFoCO views forest cooperation as key to battle climate and pandemic crisis

Ricardo Calderon, the executive director of the Asian Forest Cooperation Organization (AFoCO), has welcomed the Korean government’s announcements on plans for carbon neutrality by 2050. President Moon Jae-in announced last October that South Korea will seek to reach carbon neutrality by 2050 in an effort to transform the country’s fossil-fuel reliant economy into an eco-friendly one. The Korean Forest Service announced its 2050 Carbon Neutral Forestry Sector Strategy this month, w

Jan. 28, 2021

AFoCO chief strives for stronger regional forest cooperation in Asia

Ricardo Calderon, as the recently appointed executive director of the Seoul-based Asian Forest Cooperation Organization (AFoCO), faces new challenges while working towards prospective goals he has for the forestry community. On a personal level, Calderon -- who is from the Philippines -- is simply facing difficulties being away from home and adjusting to the new environment in Seoul, as his family, friends, relatives and colleagues are also struggling to adjust to the new climate, atmosphere an

Jan. 28, 2021

Seoul stocks dip nearly 2% on massive foreign selling

South Korean stocks dipped almost 2 percent Thursday on massive foreign selling, generated by results of the Federal Open Market Committee (FOMC) meeting. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 53.51 points, or 1.71 percent, to close at 3,069.05 points. Trading volume was moderate at about 1.3 billion shares worth around 22.7 trillion won ($20.3 billion), with losers outnumbering gainers 768 to 114. Foreigners sold a net 1.6 tri

Jan. 28, 2021

S-Oil Q4 net jumps 172% on robust petrochemical demand

S-Oil Corp., South Korea's No. 3 refiner, said Thursday its fourth-quarter net profit soared 172.1 percent from a year earlier as strong sales of petrochemical products offset the weak refining margin. S-Oil posted a net profit of 129.7 billion won ($116 million) in the October-December period, compared with 47.7 billion won a year earlier, the company said in a regulatory filing. Its operating profit jumped 880.5 percent on-year to 93.1 billion won, while sales tumbled 33.9 percent to 4.3 tri

Jan. 28, 2021

Kakao Pay to halt part of service due to unsolved large shareholder issue

Kakao Pay is expected to halt its integrated personal data management services after failing to obtain a license from the financial authorities, the company said Thursday. The move could leave the firm lagging behind rivals, which are aggressively tapping into the business area. The fintech arm of mobile giant Kakao said its asset management service, which allows users to keep track of all their bank accounts, credit card records and insurance policies, will cease Feb. 5. Other companies that

Jan. 28, 2021

IMF dispels concerns of S. Korea’s rising budget deficit

South Korea’s current snowballing budget deficit, fueled by the COVID-19 pandemic “can be offset by gradual consolidation” in coming years, the International Monetary Fund said Thursday. The remark by Andreas Bauer, Korea mission chief at the IMF, apparently aims to alleviate concerns surrounding the nation’s government debt surged by four rounds of supplementary budgets implemented to finance COVID-19 relief programs. The sovereign debt is projected reach 956 trillio

Jan. 28, 2021

Mobile carriers push for online platforms, unmanned stores amid pandemic

South Korean mobile carriers are launching unmanned stores and expanding their online retail platforms as the COVID-19 pandemic limits in-person contact and accelerates the use of virtual services. KT Corp. said Thursday it launched its first unmanned store equipped with digital kiosks for customers to buy phones and switch data plans all on their own. The store, located in the southeastern city of Daegu, is run by employees during the day and operates unmanned at night, allowing virus-wary cu

Jan. 28, 2021

GM Korea chief picks labor issues as key concern for investment

Lack of labor flexibility, continued industrial action and annual wage negotiations remain major challenges to doing business in South Korea and attracting foreign investment, the chief of GM Korea Co. said Thursday. GM Korea President and Chief Executive Kaher Kazem said there are things to be improved to make multinational companies invest further in Korea. He mentioned the Korea-US free trade agreement, Korea's stable economy, its manufacturing capability and highly competitive supply base

Jan. 28, 2021